Houlihan Lokey’s Sandro Galfetti hire: What it means for private equity secondaries

Why is Houlihan Lokey expanding its capital solutions group in Europe with this Zurich appointment?

Houlihan Lokey, Inc. (NYSE: HLI), the global investment bank known for its M&A and financial restructuring strength, has announced the addition of Sandro Galfetti as Managing Director within its Capital Solutions Group. Galfetti, based in Zurich, will join the firm’s Equity Capital Solutions team and play a key role in scaling Houlihan Lokey’s GP-led secondaries advisory business across the Europe, Middle East, and Africa (EMEA) region.

The hire reflects Houlihan Lokey’s broader commitment to deepening its institutional relationships with private capital sponsors seeking liquidity solutions. The firm’s secondary advisory business has already advised on over $19 billion worth of GP-led transactions and closed 15 such deals in 2024 alone—demonstrating a strong pipeline and high demand for bespoke advisory mandates.

Sandro Galfetti’s appointment also comes as the secondary market in private equity continues its transition from niche liquidity vehicle to mainstream strategic tool. Analysts tracking the alternatives space have pointed to growing institutional appetite for continuation funds, single-asset deals, and structured GP-led transactions, as limited partners (LPs) increasingly seek flexibility in portfolio management.

What experience does Sandro Galfetti bring to Houlihan Lokey’s secondary advisory franchise in EMEA?

Galfetti brings more than two decades of experience in private capital markets and secondary advisory across both sell-side and buy-side roles. Most recently, he led the EMEA Secondary Advisory business at UBS Investment Bank, where he advised private equity sponsors on complex secondary transactions, including GP-led restructurings and continuation vehicles.

Before joining UBS in 2020, Galfetti was a Managing Director at PJT Partners in the Park Hill Secondary Advisory unit, where he focused on liquidity strategies for financial sponsors and institutional LPs. His earlier career includes a significant stint on the buyside at Capital Dynamics, where he helped lead the private equity secondary investments team operating across Switzerland, the U.K., and the U.S.

This breadth of experience—across origination, structuring, and investor negotiation—positions Galfetti as a high-impact hire for Houlihan Lokey. He will now co-lead the firm’s GP-led secondary advisory platform in Europe alongside Michael Pilson, who is relocating from the United States to London.

Institutional observers noted that Galfetti’s addition not only enhances the Zurich presence but also reinforces Houlihan Lokey’s pan-European ambition. Zurich, alongside London and Paris, is increasingly central to the firm’s private capital operations, given the density of financial sponsors and LPs in the region.

How is Houlihan Lokey positioning itself in the global GP-led secondaries market?

Houlihan Lokey’s Secondary Solutions team is part of a growing trend among top-tier advisory firms to build vertically integrated capabilities within the private equity ecosystem. The firm’s Equity Capital Solutions team—now comprising around 40 professionals spread across New York, San Francisco, London, Paris, and Zurich—advises on structuring, pricing, and executing GP-led and LP-led secondary transactions.

In 2024, the group closed 15 GP-led deals and advised on more than $19 billion in transaction volume. These transactions ranged from single-asset continuation vehicles to multi-asset fund restructurings and included sponsor-led liquidity solutions tailored to mid-market and large-cap funds alike.

What differentiates Houlihan Lokey in this space, according to industry insiders, is its integrated advisory model. The firm combines deep transactional execution experience with access to a wide network of traditional secondary buyers, primary LPs, direct investors, sovereign wealth funds, and family offices. This cross-channel connectivity gives Houlihan Lokey significant flexibility in matching sellers with the right capital partner and structuring optimal solutions.

Furthermore, the firm’s collaboration with sector-focused teams within its Corporate Finance business is seen as a strategic advantage. These internal linkages help deliver not just best execution, but also a deeper understanding of portfolio company dynamics—a key edge when advising on single-asset deals or transactions with embedded operational risk.

How does the Zurich office fit into Houlihan Lokey’s global capital solutions footprint?

Houlihan Lokey’s Capital Solutions Group has rapidly scaled its global presence, now boasting over 170 professionals across 15 offices in six countries. These include major financial hubs such as New York, London, San Francisco, Paris, and Frankfurt, as well as Zurich, which is gaining prominence as a center for EMEA sponsor advisory.

In 2024 alone, the group advised on approximately $23 billion across 115 transactions—covering fundraisings, secondary transactions, bespoke capital restructurings, and sponsor-driven recapitalizations. The group works closely with financial sponsors, credit managers, and alternative asset managers seeking tailored capital formation and liquidity solutions.

The Zurich office serves as a strategic node for EMEA operations, especially given Switzerland’s role as a host to several multi-billion-dollar private equity platforms, institutional investors, and family offices. Galfetti’s appointment is expected to deepen engagement with this investor community and facilitate cross-border mandates across the DACH region and beyond.

What strategic vision did Houlihan Lokey leadership share around this expansion?

In announcing the hire, Gregg Newman, Global Co-Head of the Capital Solutions Group, highlighted Galfetti’s “outstanding expertise and a proven track record advising on complex transactions across the secondaries landscape.” He emphasized the firm’s “client-first approach” and reiterated that Houlihan Lokey offers one of the most comprehensive platforms in the market for general partners and alternative asset managers.

Matt Swain, Global Co-Head of Equity Capital Solutions, added that the appointment reflects the firm’s bullish outlook on secondary markets. He noted that “current secondary market growth will take dollar volumes to new heights” and described the Zurich appointment as a vote of confidence in the continued evolution of the GP-led ecosystem.

Sandro Galfetti, in turn, said he was “thrilled to be joining a team that is redefining what it means to be a trusted advisor in alternatives.” He pointed to the growing need among private capital sponsors for “sophisticated, tailored liquidity solutions” and said Houlihan Lokey’s platform—spanning capital solutions, industry expertise, and sponsor relationships—was ideally suited to meet that demand.

What is the broader market outlook for secondary advisory and continuation vehicles?

Industry analysts see the secondary market for private equity as one of the fastest-evolving segments in alternatives. While traditional LP-led transactions still represent a large share of market activity, GP-led secondaries—especially single-asset continuation funds—are rapidly gaining traction. These structures allow general partners to hold on to high-performing assets while providing exit options to existing LPs.

According to private capital market forecasts, GP-led deal volume could outpace LP-led activity over the next three to five years, driven by extended hold periods, delayed exits, and broader portfolio management needs. Firms like Houlihan Lokey, which combine sponsor intimacy with capital markets expertise, are well positioned to benefit.

The European market in particular is seen as ripe for expansion, with increasing appetite among mid-market sponsors for bespoke liquidity options, as well as regulatory comfort around these emerging structures. Zurich’s growing importance as a private capital hub further reinforces the strategic timing of Galfetti’s onboarding.

Final take: Is Houlihan Lokey emerging as a dominant player in secondary advisory?

Houlihan Lokey’s sustained investment in secondary advisory talent and infrastructure—especially in Europe—signals its intent to lead not just in deal execution, but in shaping how liquidity solutions evolve in the alternatives market. With more than $19 billion in recent GP-led transaction experience and a highly specialized team in place, the firm is increasingly being seen by institutional stakeholders as a go-to advisor for complex capital solutions.

Sandro Galfetti’s addition cements this trajectory and positions Houlihan Lokey as a serious contender for leadership in Europe’s GP-led secondaries space. For sponsors navigating an increasingly nuanced private capital landscape, this means more options—and deeper advisory capabilities—at their disposal.